FirstEnergy proposes $1.8B convertible note offering to refinance 2026 notes and debt

FIRSTENERGY CORP

Offers $950M 2029 convertible notes and $850M 2031 convertible notes; underwriters may purchase up to $150M additional of each.
Net proceeds to repurchase $1.5B of 4.00% convertible notes due May 2026, repay/refinance debt, or general corporate purposes.
Notes unsecured, convertible, settled in cash up to principal plus stock/cash for excess; interest rate and conversion rate at pricing.
Private placement to QIBs under Rule 144A; notes not registered under Securities Act.

item 8.01item 9.01

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